Blue Macellari says tokenizing an active fund creates a dangerous settlement mismatch if stocks remain in their old timey format: “We’re active asset managers, and all the things that we do involve picking names for discretionary portfolios. If you run a vanilla index fund in equities, it’s really easy to tokenize that fund because you don’t have to be concerned that the underlying settles at a different pace than the tokenized fund.”  “If you run an active fund, which can really diverge, you’re running an intertemporal compounding asset liability mismatch between the tokenized fund and the underlying stocks if they’re still in an old-timey format.”  “When we tokenize those ingredients, those legos, we can build an incredible amount of things that won’t be slowed down by that slowest leg. Like Henry Ford said, if I had asked people what they wanted, they would have said faster horses. We need the underlying tokenized.”